FinTech – A better solution for SMEs

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After using bank products for the longest time, is FinTech a better solution for SMEs in this time of endemic?

Problems by SMEs

Traditional banks tend to favor big corporations with higher volumes. While the underserved micro-businesses and SMEs must endure expensive fees and complex processes. Normally, these financial products are catered to the big boys.

“That is why they turn to various products to cater to their business needs. Fragmented financial products that serve different needs means systems are not integrated and extra costs involved too. Some examples include cross-border transfer fees, costly insurances, setting up subsidiaries, etc.” said Adrian Yap, CEO of MoneyMatch.

Adrian Yap and Naysan Munusamy who founded MoneyMatch in 2015, helped individuals & SMEs save at least MYR 16,000,000! Ensuring customers put costs at bay and build a better solution that’s a bang for their bucks.

MoneyMatch Pulse Platform

“We believe that having a one-stop FinTech platform can help SMEs focus on their main objectives as they venture into uncharted waters.” Said Naysan Munusamy, Co-Founder of MoneyMatch.

In MoneyMatch’s recent developments, they have upgraded their business FinTech platform called MoneyMatch PULSE Platform. Now, SMEs can easily access and enjoy the convenience of using relevant financial services all in one platform.

This includes cross-border transfers, invoice financing, as well as upcoming SME focused insurtech solutions, etc. So, say goodbye to crazy costs from fragmented business solutions. 

Challenges SMEs face

Making payment to different countries with different currencies at high transfer costs has eroded much time, money, and effort by businesses. On the other hand, getting the best rates at the lowest transfer cost, and to send to more than 80 country destinations is within grasp with Pulse.

For SMEs which have salaried workers all over the world, engaging with financial entities with limited country destination coverage becomes a challenge.

On top of that, SMEs don’t obtain bank-sufficient documentation to obtain financing or corporate credit cards since most SMEs or micro-SMEs are in their infancy stage with less than 5 years in operation.

In unprecedented times like the pandemic, problems with bad debts become apparent. Companies may not be able to function without proper cash flows to cushion economic hits.

If you approach a bank, they will require documentation or a corporate credit card to release any financing to help with your cash flows. However, micro businesses & SMEs find it difficult to provide such documentation since the company is still new with no credit history.

Are you a business?

Obtaining transformational tools is of an essence and Pulse by MoneyMatch is a better solution for SMEs.

So, check us out!

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